For balance, it is time to discuss how Elise prices have been rising for perhaps 2 years. I've been tracking for a while before I bought mine, and searching older posts found many sold for less in the past. No more are being built, and as you've seen posted here on Lotus Talk, too many are disappearing(totaled), and being highly desirable cars, prices should only go up from here. It is difficult to find a clean low mileage car for less than 30 today which is a bargain by the way. Higher mileage examples are only slightly less.
Elise Prices Rising
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I just bought my 05 last month. 31K miles and $30K. Finding one for sale, in decent shape, clean title, not in need of anything major and not run hard at a track is getting more difficult. I doubt they will go up in value, few cars do. But the price of a good Elise in my estimation will prob bottom out at about $30K. At least thats what I keep hearing on the street. I know of one 05 Elise in Addison TX with over 110K miles for sale. Clean car, seller wants $24K. I almost bought it instead.
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If you go back a couple years, you'll see that you could've bought that same car in the low 20's. When I started shopping, salvage titles were in the 16-19 range. The prices are definitely rising, but many on here are quick to point out that these cars are emotional purchases, not investments. With that being said, it is easier to justify when you see prices on the up! Interestingly, the Elise prices seem to have bottomed out shortly after the economy did, and now they are rising with it so that surely has something to do with the increase in value we are seeing. My bet is that it will slow down soon or we will have our own "Lotus Bubble".
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I've definitely seen prices rising, but I've also seen prices rise on many other exotic/rare cars since 2011 and 2012. I remember looking at Gallardos for in the $70k range and F360's in the mid $50's when the economy was suffering. Now that the market has done so well since then, the demand is increasing, and therefore prices are also increasing.
For the Elise, I believe it's a combination of the relatively small number of cars in existence and the fact that they've been discontinued in the US. It's a small niche market that eventually finds its balance between supply/demand - and it'll likely stay around the high $20's to low $30's for an 05. Look at the NSX, which is still holding strong! I doubt the Elise prices will drop much more than they are at now, but only time will tell.
Graham
For the Elise, I believe it's a combination of the relatively small number of cars in existence and the fact that they've been discontinued in the US. It's a small niche market that eventually finds its balance between supply/demand - and it'll likely stay around the high $20's to low $30's for an 05. Look at the NSX, which is still holding strong! I doubt the Elise prices will drop much more than they are at now, but only time will tell.
Graham
I agree with Graham, I was looking at used Gallardo's thinking I can't wait til I can get 80k together to get one... Now I need 100k for the same car. So a Lotus going up a few K does not really offset much, especially when I could have put my 27.5K into the market the day I bought my Elise and probably ended up with 40K instead of 2.5 years of awesomeness and 30K.
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You have to remember though that price is driven by demand . As the prices rise the number of people shopping for them will drop off, forcing the prices to stabilize or decline again.
There are far fewer total Esprits on the road than Eliges, even with a 20 year run for the Esprit. Average selling price now for an Esprit, especially the pre V8 cars, factoring in inflation, is probably 33 cents on the dollar.
If you just go by the number on the road, when was the last time you saw a Mustang II on the road?
As to your point about clean, low mileage cars, you might expect your car to hold it's value or perhaps gain a bit if you keep yours low mileage. Do you plan on driving and enjoying your car? It has a shot at holding or gaining value only if you keep it a garage queen.
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I don't know that a 30K mileage, clean 05 could easily be had a couple years ago for low 20's. Would have been an exception or distress sale.
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Those days were gone when you found that car. It was the exception, not the rule.
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That was admittedly before my time, so I was thinking it was the norm. I've heard of enough cars for that price that I thought it was average, but those easily could just been the emergency sales
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Ya - that was the first BRP i checked out. A board member travelled 30 minutes outside of Boise, Idaho and looked her over for me. Nice car - but I did not buy that one. I ended up with a 5900 mile BRP for $29k that was located in NY. It took a year to find that car.
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BRP? Best color ever! You would've had to pay a premium for that color!:clap:
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I remember when Mustang II's were new cars and were universally despised by most everyone. The Esprit had a much longer run that the Elise/Exige in this country and towards the end was probably considered the object of desire for an older demographic. The Elise/Exige are cars that young people aspire to own someday, so as they grow up and start earning a paycheck, demand will remain strong.
Don't get me wrong - the Esprit is a nice car, but was considered by some as an also-ran in the supercar market. The Elise/Exige were/are unlike anything else we're likely to see on the market in the near future.
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The design of the elise is classic. It has the inherent lines of what a sports car invokes in the mind. The exige is that on steroids. I for 1 will never sell but I do believe they will become valuable in years to come. You look at dino's 68 vettes,opel gt's, the lines are all similar and that is what stands the test of time
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The esprit had a longer run but there were far fewer imported into the US than the elige. There were more Elise's sold in the US in its first year than Esprits in its entire 20 year run. Not sure where you came up with the esprit skewing towards an older demographic. Ask any of the esprit owners here what kind of attention their cars get, and the demographics of the folks who still drool over the car.
Right now young people lust after the elige because they can be had for $30k or so. The elige also has limited ownership appeal. Sure, everyone wants to take a picture, sit in one, ride in one...but own one? For most people it is a second or third car.
Remember, pent up demand for new was met after the first year. MY 2006 sales were half of MY 2005 sales. By 2011 they couldn't give them away.
The elige styling will at some point look dated.
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No, clean low mileage Elise's have never changed hands in any number in the low $20K range.
Only with a salvage title maybe. Not saying an Elise is an investment, just that prices are rising, and you could gain some or at least drive one for free right now.
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